Know Your Options
Knowing your options is critical and the first step in figuring out the best path forward for your business. Many times, it is also the hardest step to take.
During the Know Your Options Assessment, we will ask a series of questions relating to your business and its financial situation. You will then be provided a dynamic report based on the answers you have provided. The Situation Summary report will provide an explanation of the options available and several key practical and legal considerations as you navigate this complex process. The report is based on a review of thousands of consultations with business owners and the key information they needed when first seeking advice. When you click on the link, it will take you to the assessment form so that we can send you a personalized Situation Summary report.
You may decide this information is enough for you to know what to do or you may want to take it to your trusted lawyer, accountant or financial advisor to discuss. Any of these options is fine and we encourage you to do that as the big thing now is to get help.
Deciding how to proceed is potentially the biggest financial decision you will make. It has implications not only on your business but you personally. We urge you to the time needed to make the right decision, obtain the professional advice and support you need. The key thing to note is there are almost always more options than you think and all need to be understood and explored.
CTG can develop restructuring plans tailored to your specific and unique circumstances. Corporate Turnaround and Intermark Law represent their client, not their creditors, to find the most effective solutions for the business, and the business owners while helping them to avoid bankruptcy. Many of our clients have been able to negotiate settlements of up to 25% of original debts owed.
Dynamic Online Assessment!
Complete the assessment form to receive a corporate summary review covering key financial and legal aspects.
Know Your Options Business AssessmentBusiness Debt Restructuring
Small to medium-sized businesses in financial distress, face a very unique set of immediate challenges. Most business owners are not trained in financial restructuring. This is a time for timely decision making and a proactive approach to the financial challenges facing the business. CTG and Intermark Laws approach are to immediately stabilize the situation and to quickly develop effective plans to ensure short-term survival and set the business up for long-term success.
CTG can develop restructuring plans tailored to your specific and unique circumstances.
Corporate Turnaround and Intermark Law represent their client, not their creditors, to find the most effective solutions for the business and the business owners while helping them to avoid bankruptcy.
The settlements we’ve achieved assisting the restructuring of debts for our corporate clients averages 25% of original debts owed.
Debt restructuring can involve informal restructuring or in more complex cases, utilizing the provisions contained in the Bankruptcy and Insolvency Act.Informal Business Debt Restructuring -This solution requires negotiating directly with each creditor, supplier, and potentially CRA. The end result can achieve a one-time settlement of delinquent debt, modification of secured lending agreements, or a new payment arrangement with CRA. Formal Business Debt RestructuringDivision One Proposal:The Bankruptcy and Insolvency Act (BIA) allows financially troubled corporations owing less than $5M the opportunity to restructure payment terms with the creditors
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Insolvency and Business Closure
Bankruptcy is the most severe remedy and, in most cases, the last option to consider. However, sometimes bankruptcy is the most practical alternative. It is a very technical process that can favor the creditors and without the proper representation and support, it can be an exceedingly difficult process for the business owner(s). With careful planning, it can resolve the financial crisis of the company and minimize personal liabilities resulting.
Orderly Shutdown of Business
In certain cases, there may be no other option than to shut down the business. There may not be enough assets or resources to make it worthwhile for the owner to file a formal proposal or assignment into bankruptcy. Any orderly shutdown of the company must be planned and executed properly. A properly planned orderly shutdown can in many cases minimize the financial damage to and personal stress of the owner(s).
Dynamic Online Assessment!
Complete the assessment form to receive a corporate summary review covering key financial and legal aspects.
Know Your Options Business Assessment